Bitcoin (BTC) has reached new heights today, breaking through $106,352 in the early session and setting a new historical high! In the past month, this digital currency has increased by nearly 15%, delighting many investors. BTC's strong performance may lead other assets to rise together, especially Dogecoin (DOGE), which is likely to follow suit and aim for new highs.
It is noteworthy that since Donald Trump won the U.S. presidential election, the price of Dogecoin has soared. Recently, DOGE rose by 1.6% on the daily chart, and 7.9% on the monthly chart, with a staggering increase of 332% since December 2023! However, Dogecoin appears to be slightly fatigued on the weekly chart, having fallen by 10.5%, and down 7.6% on the 14-day chart.
Why is Dogecoin facing a correction?
The drop in DOGE's price may be due to the 2.7% increase in the U.S. inflation rate. Investors may be cautious about investing in risk assets.
Recently, the performance of the cryptocurrency market can be described as somewhat 'paused'. Just last month, Trump's victory triggered a market rebound, as his supportive stance on cryptocurrencies greatly boosted investor confidence. However, the current lull seems to be causing anxiety, with everyone holding their breath for the upcoming Federal Reserve meeting.
With Bitcoin rising to $106,352, will Memecoin reach $0.90?
In the coming days, we may see another market-wide rebound.
According to the latest analysis from CoinCodex, Dogecoin (DOGE) is expected to maintain a consolidation trend in the coming months. It is anticipated that the trading level of DOGE will remain within the current range until February 20, 2025. But don't worry, CoinCodex believes that by the end of February 2025, Dogecoin's performance is expected to recover! They predict that DOGE could reach an exciting $0.90 by March 15, 2025.
Changelly is more pessimistic about the outlook for Dogecoin (DOGE). The platform predicts that DOGE's trading price will reach a peak of $0.351 by March 2025. A drop from the current price level to $0.351 would mean a decline of about 13.33%.
In the meantime, investors should stay vigilant and keep abreast of market dynamics to make informed decisions at the right time. In the coming months, whether Dogecoin can break through and usher in a new wave of growth remains to be seen!